Best Buy May Go to "Everyday" Pricing
Best Buy is at the "early stage" of considering a switch to an everyday low pricing model similar to that of Walmart, company executive vice president Mike Vitelli said in an interview with Bloomberg News published Wednesday.
Best Buy has long relied on periodic sales events. But the rise in use of smartphones by customers to comparison-shop has caused retailers to adjust strategies and is behind Best Buy's consideration of a change, Vitelli told Bloomberg. Best Buy is in talks with manufacturers about lowering prices.
The retail giant has already dropped restocking fees and launched a buy back program.